Revised schedule of unit entitlements
When development of a community, precinct or neighbourhood scheme is complete the initial schedule of unit entitlements lodged with the original plan may not adequately reflect the value of the lots in the scheme. The development originally planned may have been varied during construction. Some lots may have been converted or severed, and other lots may have been left undeveloped.
An adjustment of unit entitlements may be required at the completion of the scheme to ensure equity in distribution of each owner's contribution. Instead of putting an association to the expense of obtaining a further valuation to support an updated schedule of unit entitlements, it is possible for a revised schedule to be lodged based on the Valuer General's table of values.
LPI notifies the Valuer General following the registration of:
- a severance of a community or precinct development lot
- a 'stand alone' neighbourhood scheme
- a precinct plan of subdivision
- a neighbourhood plan of subdivision or
- an acquisition plan.
The Valuer General will then make an assessment of land values for rating purposes and can provide an association with a table showing the values of the new lots, as if they were valued at the same base date - see s.76(3) Valuation of Land Act 1916.
A revised schedule of unit entitlements may be lodged - see s.30 Community Land Development Act 1989 by:
- a community association, if it is satisfied that the scheme has been completed or
- the neighbourhood association of a 'stand alone' neighbourhood scheme.
Note Lodgment of a revised schedule of unit entitlement for a community scheme entails the lodgment of a revised schedule for each precinct and neighbourhood scheme within the community. There is no provision for a subsidiary scheme to lodge a revised schedule on its own behalf.
A revised schedule of unit entitlements must:
- be lodged as a replacement administration sheet
- be prepared on Plan form 6D 2016 (PDF 103 KB)
- be clearly identified as a revised schedule
- show as a whole number the unit entitlement of each lot
- show as a whole number the total of unit entitlements
- contain an update sheet note, in the notes column, to the effect of Approved form 8 (PDF 8 KB)
- be based on a table of values provided by the Valuer General - see s.29(2) Community Land Development Act 1989
- be accompanied by Approved form 23 (PDF 53 KB) indicating that the revised schedule has been approved by a special resolution of the association.